SRIT
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 60.87×
- Big non-institutionalbNII · above ₹10 lakh
- 264.96×
- Small non-institutionalsNII · ₹2–10 lakh
- 158.46×
- Retail individualRII · up to ₹2 lakh
- 41.24×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2026 | ₹59 | — | ₹5,200 | ₹189 | ₹6,785 |
| 05 Oct 2026 | ₹62 | — | ₹5,400 | ₹192 | ₹7,130 |
| 04 Oct 2026 | ₹50 | — | ₹4,400 | ₹180 | ₹5,750 |
| 03 Oct 2026 | ₹52 | — | ₹4,500 | ₹182 | ₹5,980 |
| 02 Oct 2026 | ₹53 | — | ₹4,600 | ₹183 | ₹6,095 |
| 01 Oct 2026 | ₹47 | — | ₹4,100 | ₹177 | ₹5,405 |
| 30 Sep 2026 | ₹48 | — | ₹4,200 | ₹178 | ₹5,520 |
| 29 Sep 2026 | ₹31 | — | ₹2,700 | ₹161 | ₹3,565 |
| 28 Sep 2026 | ₹33 | — | ₹2,900 | ₹163 | ₹3,795 |
| 27 Sep 2026 | ₹33 | — | ₹2,900 | ₹163 | ₹3,795 |
| 26 Sep 2026 | ₹32 | — | ₹2,800 | ₹162 | ₹3,680 |
| 25 Sep 2026 | ₹32 | — | ₹2,800 | ₹162 | ₹3,680 |
| 24 Sep 2026 | ₹21 | — | ₹1,800 | ₹151 | ₹2,415 |
| 23 Sep 2026 | ₹12 | — | ₹1,000 | ₹142 | ₹1,380 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 33,60,000 | 30,85,70,990 | ₹4,011 Cr | 91.84× |
| Non-institutional | 25,20,000 | 78,87,31,985 | ₹10,254 Cr | 312.99× |
| Big non-institutionalwithin NII | 16,80,000 | 59,77,40,330 | ₹7,771 Cr | 355.80× |
| Small non-institutionalwithin NII | 8,40,000 | 19,09,91,655 | ₹2,483 Cr | 227.37× |
| Retail individual | 58,80,000 | 37,45,68,110 | ₹4,869 Cr | 63.70× |
| Total | 1,17,60,000 | 1,47,18,71,085 | ₹19,134 Cr | 125.16× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 30 Sept, 05:57 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Sep 2026 – 30 Sep 2026
- Listing date
- 06 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹123 – ₹130
- Lot size
- 115 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹218 Cr
- Fresh issue
- ₹218 Cr 1,68,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹836 Cr
- Promoter holding
- 84.91% → 62.71% pre-issue → post-issue
- ISIN
- INE307K01028
- CIN
- U72200KA1999PLC025692
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- SRIT House, #113/1B, ITPL Main Road, Kundalahalli, Bengaluru-560037, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 33,60,000 | 28.57% | 28.57% |
| Anchor investor · within QIB | 50,40,000 | — | 42.86% |
| NII (HNI) | 25,20,000 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 16,80,000 | — | 14.29% |
| sNII < ₹10L · within NII | 8,40,000 | — | 7.14% |
| Retail (RII) | 58,80,000 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,17,60,000 | — | 100.00% |
Net offer to the public of 1,17,60,000 shares, out of a total issue of 1,17,60,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 115 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 115 | ₹14,950 |
| Retail (max) | 13 | 1,495 | ₹1,94,350 |
| S-HNI (min) | 14 | 1,610 | ₹2,09,300 |
| S-HNI (max) | 66 | 7,590 | ₹9,86,700 |
| B-HNI (min) | 67 | 7,705 | ₹10,01,650 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.12 | 6.74 |
| P/E (×) | 14.25 | 19.29 |
| Price to book (×) | 3.19 | — |
| Market cap | — | ₹836 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 30.23%
- ROCE
- 35.00%
- Debt / equity
- 0.23
- PAT margin
- 9.62%
- EBITDA margin
- 14.39%
- NAV per share
- ₹40.71
- Price to book
- 3.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 462.54 | 400.5 | 282.22 |
| Revenue from operations | 450 | 389.35 | 271.09 |
| Other income | 12.54 | 11.16 | 11.13 |
| Total expenses | 407.59 | 354.31 | 243.88 |
| Operating profit | 54.95 | 46.19 | 38.34 |
| Operating margin | 11.88% | 11.53% | 13.59% |
| Profit before tax | 54.95 | 46.19 | 38.34 |
| Profit after tax | 43.29 | 33.6 | 29.08 |
| PAT margin | 9.36% | 8.39% | 10.30% |
| Balance sheet | |||
| Total assets | 614.16 | 496.64 | 428.96 |
| Current assets | 498.01 | 342.88 | 297.3 |
| Current liabilities | 349.36 | 281.62 | 230.12 |
| Total liabilities | 420.31 | 402.9 | 347.87 |
| Net worth | 193.84 | 93.74 | 81.09 |
| Current ratio | 1.43× | 1.22× | 1.29× |
| Return on equity | 22.33% | 35.84% | 35.86% |
| Cash flow | |||
| Operating cash flow | -12.1 | 17.97 | 34.16 |
| Investing cash flow | -31.47 | -27.3 | -15.22 |
| Financing cash flow | 33.71 | 0.29 | 2.07 |
| Net cash flow | -9.87 | -9.04 | 21.01 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of Capital Expenditure Requirements towards Modernization of Existing Products and Redevelopment ₹12.86 Cr
The company proposes to utilize Net Proceeds towards modernization and redevelopment of its existing software products — R-Converge, RHES, and healthcare insurance/RCM platforms — including IT infrastructure upgrades and hiring of skilled technical manpower to enhance scalability, performance, and competitiveness.
2 Funding Working Capital Requirements of the Company ₹124 Cr
The company intends to utilize Net Proceeds to fund incremental working capital requirements arising from its working-capital-intensive operations, particularly due to milestone-based payment structures in government contracts and the strategic shift towards executing larger projects independently.
3 Achieving Inorganic Growth through Unidentified Acquisitions and Other Strategic Initiatives —
The company proposes to deploy a portion of Net Proceeds (not exceeding a specified percentage of Gross Proceeds) towards strategic acquisitions and inorganic growth initiatives in verticals such as smart metering, AI, analytics, e-education, and health-tech to expand capabilities, enter new geographies, and access new customer bases.
4 General Corporate Purposes —
The company intends to utilize the balance Net Proceeds (not exceeding a specified percentage of Gross Proceeds) towards general corporate purposes including marketing, salaries, rent, administration expenses, technology upgrades, advisory services, and other ordinary course business requirements.
2 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About SRIT
SRIT India Limited, originally incorporated as Sobha Renaissance Information Technology Private Limited in September 1999, was renamed SRIT India Private Limited in 2014 to reflect diversification plans, and converted to a public limited company in 2025. The company executes large-scale, mission-critical projects for central and state government bodies across India, as well as enterprise clients. Its business model centers on competitive bidding for government tenders (89.41% of FY2026 revenue) and enterprise contracts, delivering customized IT solutions and system integrations. The company operates through three verticals: healthcare, electronic governance, and telecommunications and broadband. It typically engages sub-contractors for specialized work and project execution, with sub-contractor costs representing 78.92% of total expenses in FY2026. The company's revenue model is project-based, with significant working capital requirements due to the timing of client payments relative to project execution costs.
Management
Dr. Nambiar Raghavan Madhusoodan
MD
Dr. Nambiar Raghavan Madhusoodan
CEO
Manesh M George
CFO
Martin Poovakkulam Chacko
COO
Prasaktha Vakkiyl Nambiar
Director of HR
R Thiyagarajan
Director
Karthick Varadarajan
Director
Suresh Balachandran Menon
Director
Thiruvengadam Ashok
Director
R Ravichandran
Director of Operations
Dr. Amit Oberoi
Director
Dr. Chandan Dash
Director
Strengths
As stated in the offer document
Established Track Record with End-to-End Product Solution and Integration Capabilities
The company has a 26-year legacy of designing, implementing, and operating digital platforms across healthcare, electronic governance, and telecom sectors, with CMMI Level 5 appraisal, ISO/IEC 27001:2022 certification, and over 103 projects worth ₹12,347.16 million executed in the last decade.
Diverse Order Book across Offerings for Multiple Clients and Geographies
The company maintains a robust Order Book of ₹12,047.17 million (as of June 30, 2026) across healthcare, electronic governance, and telecom verticals, offering modular, configurable solutions to diverse Government and Enterprise clients domestically and internationally.
Extensive Geographic Footprint with Scalable Operations across Key Markets
The company operates across multiple Indian states and international markets including Qatar, UAE, Nigeria, Zambia, Bahrain, Oman, and Myanmar, with domestic revenue of ₹4,246.05 million (94.03%) and international revenue of ₹253.94 million (5.97%) in Fiscal 2026.
Strong Financial Performance and Healthy Balance Sheet
The company's revenue from operations grew at a CAGR of 28.84% from ₹2,710.88 million (Fiscal 2024) to ₹4,499.99 million (Fiscal 2026), with PAT rising at a CAGR of 22.02% to ₹432.89 million, a PAT margin of 9.62%, and a reduced debt-to-equity ratio of 0.23 in Fiscal 2026.
Experienced Promoters and Senior Management Team with Domain Knowledge
The company is led by promoters with 26+ years of IT/ITeS experience, supported by senior management specializing in telecom, healthcare, and e-governance, with recent inductions of AI and healthcare domain experts strengthening its technology and sector capabilities.
Risk factors
As stated in the offer document
Heavy Dependence on Government Tenders through Competitive Bidding
The company derives approximately 89.41%, 91.34%, and 81.84% of its revenue from operations from government entity tenders in Fiscals 2026, 2025, and 2024, respectively. Failure to qualify for, win, or complete new contracts could materially impact financial condition, operational results, growth prospects, and cash flow stability.
High Customer Concentration Risk
The top ten customers accounted for approximately 89.36%, 92.68%, and 84.54% of total revenue from operations in Fiscals 2026, 2025, and 2024, respectively. Loss of one or more key customers, or their failure to award new projects, could significantly and adversely affect the company's revenue, profitability, and financial condition.
Significant Reliance on Sub-contractors with High Cost Exposure
Sub-contracting and technical fees represented 78.92%, 80.87%, and 75.42% of total expenses in Fiscals 2026, 2025, and 2024, respectively, with 59% of Fiscal 2026 revenue executed through third-party subcontractors. Any delay, default, or deficiency in sub-contractor performance could result in cost overruns, contractual liabilities, penalties, and reputational harm.
Trade Receivables and Contract Assets Concentration Risk
Trade receivables and contract assets together constituted approximately 63.27% of total assets as of Fiscal 2026 (₹3,855.53 million), exposing the company to significant liquidity risk if collections are delayed or defaulted. Government payment delays due to regulatory scrutiny and milestone-based billing further strain cash flows, with contract assets rising sharply from ₹964.32 million in Fiscal 2025 to ₹1,538.01 million in Fiscal 2026.
Sector Concentration in Electronic Governance
The electronic governance sector accounted for approximately 58.40%, 63.86%, and 65.33% of total Order Book value, and 68.39%, 61.29%, and 50.13% of revenue from operations in Fiscals 2026, 2025, and 2024, respectively. Any reduction in government spending, adverse policy changes, or political shifts in this sector could materially impact the company's revenue and growth prospects.
Cybersecurity and Data Breach Risks
The company's operations rely heavily on digital infrastructure and are exposed to cyberattacks, ransomware, phishing, and unauthorized access, with potential global cyber losses estimated at USD 6 trillion in 2024. The company does not maintain a dedicated cyber security or data breach insurance policy, leaving it exposed to unrecoverable costs, regulatory penalties, and reputational damage in the event of a breach.
Working Capital Intensity and Financing Risk
The company's business is highly working capital intensive, with working capital rising from ₹329.32 million (7.91% of total assets) in Fiscal 2024 to ₹1,502.71 million (24.96% of total assets) in Fiscal 2026. Any inability to access adequate working capital financing or delays in client collections could constrain day-to-day operations, project execution, and participation in new projects.
High Employee Attrition Rate
The company experienced attrition rates of 33.63%, 19.10%, and 24.05% in Fiscals 2026, 2025, and 2024, respectively, posing significant risks to project execution and client delivery. High attrition increases hiring, reskilling, and training costs and may impair the company's ability to retain domain expertise and fulfill contractual obligations.
Regulatory Non-Compliance and Past FEMA/Companies Act Violations
The company has experienced past non-compliances and delays in statutory filings under the Companies Act, 2013, and FEMA, including monetary penalties totaling ₹0.11 million under FEMA adjudication orders. Future non-compliance could result in regulatory actions, substantial penalties, and reputational damage that may adversely affect business operations and financial condition.
Order Book Uncertainty and Project Cancellation Risk
As of June 30, 2026, the company had an Order Book of ₹12,047.17 million, which is subject to cancellations, modifications, delays, and premature terminations beyond its control, particularly for government projects exposed to policy and budgetary changes. Significant deviations from execution timelines or project values could result in penalties, revenue shortfalls, increased working capital requirements, and reputational harm.
Company Analysis
from RHPSRIT India Limited is a Bengaluru-headquartered IT/ITeS solutions company offering digital solutions and system automations through custom application development and integration services across healthcare, electronic governance, and telecommunications and broadband sectors.
SRIT India Limited, originally incorporated as Sobha Renaissance Information Technology Private Limited in September 1999, was renamed SRIT India Private Limited in 2014 to reflect diversification plans, and converted to a public limited company in 2025. The company executes large-scale, mission-critical projects for central and state government bodies across India, as well as enterprise clients. Its business model centers on competitive bidding for government tenders (89.41% of FY2026 revenue) and enterprise contracts, delivering customized IT solutions and system integrations. The company operates through three verticals: healthcare, electronic governance, and telecommunications and broadband. It typically engages sub-contractors for specialized work and project execution, with sub-contractor costs representing 78.92% of total expenses in FY2026. The company's revenue model is project-based, with significant working capital requirements due to the timing of client payments relative to project execution costs.
Objects of the Issue
- Objects of the Issue are detailed in section titled 'Objects of the Issue' on page 115 p.3
- Funding capital expenditure for procurement of equipment and technology upgradation and hiring of manpower ₹128.57 million p.70
- Achieving inorganic growth through unidentified acquisition and other strategic initiatives and general corporate purposes p.50
- Funding of capital expenditure requirements towards modernization of existing products and redevelopment ₹128.57 million p.124
- Funding working capital requirements of our Company ₹1,240.00 million p.132
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes [●] p.134
- Funding of capital expenditure requirements towards modernization of existing products and redevelopment p.263
Issue Structure
- Total Issue
- Up to 16,800,000 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Fresh Issue
- Fresh issue of up to 16,800,000 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price). The Cap Price shall be at least 105% of the Floor Price and shall be less than or equal to 120% of the Floor Price.
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
Project-based revenue model through competitive bidding for government and enterprise contracts. Government entities accounted for 89.41% of FY2026 revenue from operations. The company delivers turnkey projects, often engaging sub-contractors for specialized work. Revenue recognition follows the percentage of completion method under Ind AS 115. The company maintains an order book of awarded contracts and work orders yet to be executed, providing revenue visibility.
Business Segments
SWOT Analysis
- • Large-scale mission-critical project implementation track record(p.31)
- • Focused vertical specialization in high-growth sectors(p.31)
- • Significant government client revenue concentration(p.32)
- • Quality certifications for information security(p.40)
- • Established track record with end-to-end product solution and integration capabilities across healthcare, e-governance, and telecom sectors(p.141)
- • Diverse modular product portfolio enabling flexible deployment across multiple client needs(p.141)
- • Geographically diversified presence across India and select international markets mitigating regional concentration risk(p.141)
- • Strong financial performance with healthy margins and consistent growth trajectory(p.142)
- • Experienced promoters and senior management with deep domain expertise and track record(p.142)
- • High client retention with 73.85% of clients repeated in Fiscal 2026(p.145)
- • Large and growing healthcare infrastructure with significant government sector presence(p.208)
- • Rapid digital health platform adoption driven by government initiatives(p.212)
- • Strong telemedicine adoption accelerated by COVID-19(p.210)
- • Significant population growth and aging demographics driving healthcare demand(p.209)
- • Government commitment to healthcare infrastructure expansion(p.209)
- • Rising health insurance penetration enabling affordability(p.209)
- • Large broadband infrastructure expansion creating digital connectivity foundation(p.214)
- • Installed power generation capacity rapidly expanding to support digital infrastructure(p.228)
- • Geographic diversification across India reduces regional concentration risk(p.260)
- • Established proprietary healthcare products with 15+ year track record(p.261)
- • Revenue-generating SaaS model from telecom managed services with renewable long-term contracts(p.266)
- • Strong track record delivering large-scale government projects(p.271)
- • Multiple ISO and international quality certifications demonstrating operational maturity(p.281)
- • Established export revenue from overseas healthcare and fintech deployments(p.263)
- • Strong revenue growth trajectory with 15.6% YoY increase(p.342)
- • Established board governance with multiple independent directors and specialized committees(p.314)
- • Promoters with substantial long-term commitment and equity stake(p.325)
- • Compliance with corporate governance norms across multiple regulations(p.314)
- • 26-year track record in digital solutions delivery(p.409)
- • Established long-standing relationships with key government and enterprise customers(p.410)
- • Strong revenue growth trajectory across three strategic verticals(p.425)
- • Significant revenue contribution from government projects with high entry barriers(p.412)
- • Diversified revenue streams from multiple major projects with government entities(p.431)
- • Improved gross margins through favorable shift in revenue mix towards higher-margin offerings(p.432)
- • Recurring revenue base expansion supporting revenue stability(p.431)
- • Strong absolute profit growth and improved profitability margins(p.433)
- • Demonstrated ability to scale operations efficiently through strategic outsourcing(p.434)
- • Growth in order book supporting future revenue(p.431)
- • High dependence on government customer contracts(p.31)
- • Significant reliance on sub-contractors(p.36)
- • High working capital intensity and trade receivables burden(p.37)
- • High attrition rate among permanent employees(p.45)
- • Past regulatory non-compliance and filing delays(p.39)
- • Unregistered trademark and IP vulnerability(p.50)
- • Unregistered lease agreement for registered office(p.46)
- • Negative net cash flow from operating activities in FY2026(p.50)
- • High supplier concentration with top 10 suppliers representing 60% of total expenses(p.53)
- • Lack of long-term contracts with top suppliers(p.53)
- • History of delays in statutory dues payments(p.52)
- • Significant outstanding contingent liabilities(p.67)
- • Promoters holding personal guarantees for company borrowings(p.62)
- • Company relies on unsecured on-demand loans from promoters(p.62)
- • Limited insurance coverage with 97.95% of assets uninsured(p.66)
- • Material licensing dependencies for AI solutions(p.59)
- • Financing agreements contain restrictive covenants(p.64)
- • Working capital intensive business model with high trade receivables days of 176 days in Fiscal 2026(p.129)
- • Decline in average number of active orders from 120 in Fiscal 2024 to 104 in Fiscal 2026(p.145)
- • High dependence on Government projects with inherent delays in payment and acceptance processes(p.129)
- • Reliance on back-to-back contractor arrangements affecting margins and operational control(p.134)
- • Limited financial instruments and access to credit available in the market for public issues consisting of only equity shares(p.100)
- • Limited scale and revenue concentration compared to major IT-BPM peers(p.244)
- • High dependence on government sector clients creating revenue concentration risk(p.252)
- • Lower profitability margins relative to larger competitors(p.244)
- • Declining return on equity indicating reduced capital efficiency(p.244)
- • Limited international revenue diversification(p.257)
- • Heavy dependence on a few major customers, particularly RailTel(p.266)
- • Small permanent workforce of only 177 employees limits execution capacity(p.284)
- • Minimal in-house marketing capability and low brand investment(p.280)
- • Heavy reliance on subcontracting for project delivery due to working capital constraints(p.280)
- • Office properties leased, not owned, creating operational risk and continuity dependence(p.282)
- • High dependence on limited customer base with concentration risk(p.368)
- • Significant debt obligations and borrowing dependency(p.332)
- • Disputed liabilities and contingent tax obligations(p.373)
- • Historical losses and write-offs in subsidiary investments(p.347)
- • High concentration risk with top 3 customers representing 57.93% of revenue(p.410)
- • Significant dependence on sub-contracting and technical fees (69.54% of total expenses)(p.429)
- • Outstanding litigation including GST demands and service tax disputes(p.374)
- • High outstanding trade receivables with aging over 3 years(p.389)
- • Exposure to multiple pending legal and arbitration proceedings(p.375)
- • Directors and promoters have provided personal guarantees on company borrowings(p.407)
- • Unspent CSR obligation of ₹3.20 million as of March 31, 2026(p.385)
- • High customer concentration risk with top 3 customers representing 58-72% of revenues(p.444)
- • Heavy reliance on sub-contracting with associated margin pressure and dependency risks(p.432)
- • Increased finance costs reflecting higher debt utilization(p.432)
- • Outstanding tax liabilities and GST disputes across multiple years(p.439)
- • Negative operating cash flows in Fiscal 2026 despite profitability(p.435)
- • High supplier concentration with top 3 suppliers representing 36-67% of expenses(p.444)
- • Growing adoption of AI, ML, and emerging technologies in government services(p.35)
- • Expansion into new geographies and markets(p.43)
- • Broadening service offerings and leveraging emerging technologies(p.43)
- • Enterprise customer segment growth potential(p.32)
- • Growth strategy through service and technology enhancements(p.51)
- • Expansion into international markets(p.54)
- • Growth in AI-enabled solutions demand(p.59)
- • Emerging technologies in IT services market(p.63)
- • Government digitalization and e-governance initiatives(p.63)
- • Inorganic growth through strategic acquisitions(p.50)
- • Rapid digitalization in IT-BPM sector with emergence of SaaS, AI, machine learning, and cloud computing(p.124)
- • Strong projected growth in Indian IT-BPM industry with estimated CAGR of 4.7% through FY 2030(p.129)
- • Expansion opportunity in healthcare sector through modernization of RHES and development of OP Live platform(p.125)
- • Expansion into emerging technology sectors including smart metering, AI, analytics, e-education and health-tech(p.135)
- • Growth through geographic expansion in GCC region and potential markets in Asia-Pacific, Middle East and Africa(p.126)
- • Opportunity to leverage Order Book of ₹12,047.17 million as of June 30, 2026 to drive future revenue(p.129)
- • Digital transformation across India's healthcare, e-governance, BFSI, and e-commerce sectors creating substantial IT/ITeS demand(p.203)
- • Rapid scaling of Ayushman Bharat Digital Mission (ABDM) with 79.91 crore ABHA accounts and 4.18 lac health facilities creating telemedicine and EHR demand(p.207)
- • Government e-Marketplace (GeM) crossing ₹15 Lakh Crore cumulative GMV, reaching INR 3 Lakh Cr in FY 2025-26, requiring secure platforms and IT services(p.203)
- • Record ₹12.2 trillion Union Budget 2026-27 capex driving infrastructure, digital transformation, and IT modernization initiatives(p.173)
- • MeitY allocation increased 48% to INR 260.26 billion for FY 2026, with IndiaAI Mission allotted INR 20 billion and cybersecurity projects receiving 143% increase(p.197)
- • India's domestic IT spending growing at 7% year-on-year to USD 58.2 billion in FY 2025, driven by cloud, AI, and cybersecurity adoption(p.191)
- • Over 1,700 GCCs in India with 1.9 million+ talent base generating USD 64.6 billion revenue (CAGR ~10%), creating demand for high-value engineering and digital services(p.194)
- • India's SaaS industry projected to grow from USD 25 billion (FY 2025) to USD 50 billion (FY 2030) at 18.3% CAGR, with strong VC interest and enterprise adoption(p.201)
- • Engineering R&D services growing at ~30% with India's share in global engineering talent reaching 32%, driven by automotive EV, aerospace, and healthcare innovation(p.194)
- • Digital transformation across e-governance driving platform modernization demand(p.224)
- • AI-driven healthcare and public health solutions gaining government priority(p.213)
- • Smart metering and power utility digitalization creating adjacent sector opportunities(p.251)
- • Rapid expansion of telecom infrastructure creating demand for managed services(p.215)
- • Rising demand for cloud and digital infrastructure modernization(p.219)
- • Healthcare sector pursuing AI-enabled diagnostics and clinical decision support(p.213)
- • Expansion into international markets in Middle East, Africa, Southeast Asia(p.260)
- • Leveraging AI and machine learning capabilities through strategic collaborations(p.260)
- • Transition of healthcare suite to SaaS model for recurring revenue diversification(p.261)
- • Strategic acquisition and integration of healthcare provider capabilities(p.260)
- • Growing demand for sovereign and indigenous digital infrastructure solutions(p.261)
- • Alignment with national health initiatives like Ayushman Bharat Digital Mission(p.262)
- • Expansion into software services and digital transformation offerings(p.368)
- • Growing software licensing and e-governance market segments(p.368)
- • Capital access through public markets for growth initiatives(p.346)
- • International revenue expansion with export channels(p.368)
- • Government digital transformation initiatives creating large addressable market(p.412)
- • Significant government IT budget allocation with 48% increase(p.412)
- • Strategic focus on AI and emerging technology integration(p.411)
- • Plans for strategic acquisitions in smart metering, AI, analytics, e-education and health-tech(p.411)
- • Expansion of service offerings through partnerships with global tech providers(p.411)
- • Recent favorable interim order on outstanding Kerala project dispute(p.399)
- • New loan sanction from ICICI Bank for working capital(p.399)
- • Expansion of electronic governance vertical through multiple state-level mandates(p.431)
- • Growth in telecommunications and broadband through state fiber network programs(p.431)
- • New project engagements in healthcare and welfare sectors(p.431)
- • Expansion of SaaS and MSP offerings creating recurring revenue streams(p.431)
- • Intense competition in IT-BPM sector(p.35)
- • Government budget constraints and policy changes(p.41)
- • Cybersecurity threats and data breach risks(p.40)
- • Sector-specific regulatory complexity and compliance burden(p.35)
- • Dependency on few major customers(p.34)
- • Project execution delays and timeline overruns(p.50)
- • Intense competition from established and emerging competitors(p.58)
- • Aggressive pricing and bidding pressures in government tenders(p.58)
- • Risks from dependency on third-party OEM supply chains(p.53)
- • Fixed-price contracts limit ability to pass cost increases to clients(p.53)
- • Exposure to foreign currency fluctuations(p.66)
- • Absence of hedging policy for foreign exchange risk(p.66)
- • Rapid technological obsolescence of solutions(p.63)
- • Regulatory compliance risks in multiple jurisdictions(p.54)
- • Pandemic and economic downturn impacts on client spending(p.57)
- • Potential intellectual property infringement claims(p.50)
- • Funding requirements and proposed deployment not appraised by banks or financial institutions(p.123)
- • Potential delays or cost overruns in capital expenditure for product modernization and infrastructure(p.63)
- • No specific acquisition targets identified for proposed inorganic growth initiatives(p.43)
- • Variation in utilization of Net Proceeds subject to compliance requirements and shareholders approval(p.63)
- • Cyclicality and market conditions affecting government project pipeline and IT-BPM industry demand(p.123)
- • Middle East conflict causing shipping disruptions through Strait of Hormuz affecting India's exports and imports, with supply chain delays and higher freight costs(p.163)
- • Global economic growth slowing to 3.1% in 2026 with advanced economies at 1.8%, reducing demand for IT services and digital transformation initiatives(p.163)
- • India's export-dependent IT-BPM industry vulnerable to global demand slowdown, with 79% of revenue from exports exposed to discretionary spending cuts(p.186)
- • Escalating cybersecurity risks and 'millions of cyberattacks' threatening clients globally with potential USD 6 trillion in losses in 2024, increasing compliance and security costs(p.203)
- • Rapid AI adoption creating competitive pressure to retain specialized talent and deliver accurate AI-led solutions while managing integration complexity in public systems(p.203)
- • Rising talent costs and wage inflation in India's software sector amid stiff global competition for specialized AI, cloud, and cybersecurity professionals(p.204)
- • Gulf–Levant economies account for 15% of India's merchandise exports and 21% of imports, with export concentration in gems, apparel, and automotive creating vulnerability to Middle East disruptions(p.174)
- • Digital transformation increasing cyber-attack surfaces and creating image/reputation damage, fraud, data theft, and service interruption risks during client migrations(p.204)
- • Intense competition from large established IT-BPM firms with greater scale(p.215)
- • Government budget constraints affecting public sector IT spending(p.234)
- • Regulatory compliance requirements increasing operational complexity(p.234)
- • Cybersecurity threats and data breach risks affecting healthcare and government systems(p.212)
- • Vulnerability to telecom sector consolidation and market concentration(p.215)
- • Project execution risks from complex multi-stakeholder government initiatives(p.234)
- • Intense competitive pressure from larger IT service providers and new entrants(p.282)
- • Project execution risks with cost and timeline overruns affecting profitability(p.296)
- • Dependence on government procurement tenders and budgetary cycles(p.279)
- • Regulatory changes in data protection and cybersecurity compliance requirements(p.286)
- • Inadequate insurance coverage for potential operational and professional liability risks(p.285)
- • Regulatory and compliance risks in tax matters(p.337)
- • Customer concentration creates revenue vulnerability(p.332)
- • Pending litigations and contingent liability exposure(p.373)
- • External economic sensitivity through financing structure(p.314)
- • Intense competition in IT-BPM sector with aggressive pricing strategies(p.411)
- • Foreign currency exchange rate volatility affecting profitability(p.412)
- • Dependence on government budgetary allocations and policy changes(p.412)
- • Macroeconomic slowdown could reduce IT services demand(p.413)
- • Exposure to restrictive covenants limiting corporate flexibility(p.407)
- • Risk of loan acceleration upon covenant breach or default(p.408)
- • Competitive bidding process requiring continuous qualification and pricing competitiveness(p.411)
- • Risk of revenue concentration through dependence on few large government customers(p.444)
- • Government project completion and transition risks(p.431)
- • Risk from multiple ongoing legal proceedings and litigations(p.439)
- • Significant contingent liabilities including service tax and GST disputes(p.439)
- • Working capital pressures evidenced by negative cash flow from operations(p.435)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Nambiar Raghavan Madhusoodan | Promoter | — | — |
| Prasaktha Vakkiyl Nambiar | Promoter | — | — |
| Martin Poovakkulam Chacko | Promoter | — | — |
| Dr. Nambiar Raghavan Madhusoodan | Promoter/Managing Director | 50.58% | — |
| Prasaktha Vakkiyl Nambiar | Promoter/Whole-Time Director | — | — |
| Martin Poovakkulam Chacko | Promoter/Whole-Time Director | — | — |
| Dr. Nambiar Raghavan Madhusoodan | Promoter | 50.58% | [●] |
| Prasaktha Vakkiyl Nambiar | Promoter | 17.60% | [●] |
| Martin Poovakkulam Chacko | Promoter | 16.56% | [●] |
| Dr. Nambiar Raghavan Madhusoodan | Promoter | 5.60% (pre-issue as of April 28, 2025) | — |
| Martin Poovakkulam Chacko | Promoter | 1.39% (pre-issue as of April 28, 2025) | — |
| Prasaktha Vakkiyl Nambiar | Promoter | 1.44% (pre-issue as of April 28, 2025) | — |
| Dr. Nambiar Raghavan Madhusoodan | Promoter | — | — |
| Prasaktha Vakkiyl Nambiar | Promoter | — | — |
| Martin Poovakkulam Chacko | Promoter | — | — |
| Dr. Nambiar Raghavan Madhusoodan | Promoter | — | — |
| Prasaktha Vakkiyl Nambiar | Promoter | — | — |
| Martin Poovakkulam Chacko | Promoter | — | — |
| Dr. Nambiar Raghavan Madhusoodan | Promoter | 54.63% | 50.88% |
| Prasaktha Vakkiyl Nambiar | Promoter | 20.92% | 18.50% |
| Martin Poovakkulam Chacko | Promoter | 20.00% | 17.10% |
| Dr. Nambiar Raghavan Madhusoodan | Managing Director/Promoter | — | — |
| Mrs. Prasaktha Vakkilyl Nambiar | Whole-time Director/Promoter | — | — |
| Mr. Martin Poovakkulam Chacko | Whole-time Director/Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| SRIT India Ltd. THIS ISSUE | 9.47 | 40.71 | 19.29, computed at the offer price | 3.19, computed at the offer price | 30.23% |
| 130.45 | 965.11 | 12.59 | 1.69 | 14.81% | |
Railtel Corp.Of India Ltd. | 10.79 | 70.47 | 24.03 | 3.70 | 16.25% |
| 24.70 | 265.23 | 19.80 | 1.84 | 9.69% | |
| 6.30 | 21.71 | 15.52 | 4.57 | 5.85% | |
| 38.90 | 322.90 | 18.62 | 2.19 | 13.06% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.